It’s almost a week into February and we started our savings with $10 (Whomp Whoooomp). I already talked to the hubs about our financial situation. He took it better than I thought he would. I went over with him with a budget plan. With fixed expenses, online selling fees, utilities, etc. we can definitely live on his income.
Saving? It’s hard to say what we can save because that would depend on my profit from my online store. We decided that whatever profit I can make is what we can save. I just need to stop spending money on inventory that sits for months and focus on inventory that has a high turnover. Last month may have really sucked but I still made a profit of $400(after taxes). Considering it was a slow month that’s not so bad. Except I spent it on inventory (double Whomp Whooomp).
Sure I could just stop buying inventory for a while but the lack of new products would be detrimental to my store traffic. My traffic highly depends on brand names and fresh “New” products. Realizing that I spent all my profits, I decided to be picky with items I buy. No more items that sell for $10-$15 (Unless I put my store on sale). Now I’m scrutinizing each item I buy and will only buy it if I can sell it for $30+.
I’m not sure what I can expect for the beginning of March. To be honest we still owe a little bit more for the next credit card billing cycle. I’m happy though sales have started to pick up and I started this month much better than the last. Since I’m being pickier on my inventory sourcing I decided to start a new category in my “Online Selling” page. It will be “Thrift Finds”.